In terms of fintech news, the highlighted topics for this week are: IPO, product launch, fintech partnerships, M&A, cyber security and digital wealth management. Dive into the news flash and enjoy the selection of materials!
UK fintech Wise set to list in London on July 7 (Reuters)
British financial technology company Wise confirmed that it plans to list in early July, in a test for London’s main market. Kristo Käärmann, CEO and co-founder of Wise, said: “This process will broaden the ownership of Wise, in support of our mission to move money around the world faster, cheaper and more conveniently. Read more
World Bank agrees to increase climate change funding to 35% (FMT)
The World Bank agreed to boost the amount of money it spends to tackle climate change to 35% from a previous target of 28% and to release annual progress reports. The global development bank said it would also provide a roadmap to show how it will help developing countries meet their Paris climate accord targets. Read more
Unizest launches account for overseas workers in the UK (Finextra)
The Unizest brand has been relaunched, working with job recruiters to offer overseas workers in the UK an electronic current account. The company is also claiming to be “more than a fintech”, offering an integrated ‘community’ feature with useful information, advice and tips in conjunction with Just Good Work. By kick-starting the process of getting an account, before new hires, Unizest enables businesses to focus on the many other processes and aspects of recruitment. Read more
Brazil’s Nubank Looks For Underwriters (PYMNTS)
Brazilian digital bank Nubank is looking for investment banks to help support its initial public offering (IPO). The company’s talks with banks are more advanced than anyone previously thought. To that effect, company Founder and CEO David Vélez had not said there were plans to go public, although he said previously it is likely to happen at some point in the future. Read more
Fintechs form new angel network in SEA (Techasisa)
A new network of angel investors has launched in Southeast Asia, boasting members who hold senior positions at major fintech firms including Grab Financial, PayPal, Stripe, Revolut, and Remitly. Fintech Angel Operators will operate with a cohort-based syndicate structure and will include up to 100 founders, executives, and operators in its first batch. The network is currently evaluating a number of deals and intends to close its first group of investments by the third quarter of 2021. Read more
Tink is joining Visa (Tink.com)
Visa announced it has signed a definitive agreement to acquire Tink, a European open banking platform. Visa will pay total financial consideration of 1.8 billion Euros, inclusive of cash and retention incentives, to acquire Tink. The combination of Visa’s proven infrastructure and sustained investment in resilience, cybersecurity and fraud prevention with Tink’s APIs, technology and customer relationships is expected to help accelerate the adoption of open banking in Europe by ensuring a secure, reliable platform for innovation. Read more
Daniel Loeb-backed SentinelOne over $7 bln valuation in U.S. IPO (Reuters)
Cybersecurity firm SentinelOne, backed by billionaire investor Daniel Loeb’s hedge fund Third Point, is aiming for a valuation of over $7 billion in its U.S. initial public offering (IPO). SentinelOne’s IPO plans comes as Wall Street’s record-breaking run for stock market flotations shows no sign of slowing down. With more than six months until the year ends, U.S. IPOs have already totaled $171 billion, eclipsing the 2020 record of $168 billion. Read more
JPMorgan Buys Nutmeg (WSJ)
JPMorgan Chase agreed to buy digital wealth manager Nutmeg Saving and Investment Ltd., as part of a push to establish a retail banking presence in the U.K. JPMorgan is entering a crowded digital banking marketplace in the U.K. Regulators encouraged new startups, including Starling Bank Ltd. and Monzo Bank Ltd., to boost competition in the wake of the last global financial crisis. These so-called challenger banks have forced traditional lenders to improve their digital offerings but have struggled to earn profits. Read more
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